This Guy Predicted The Financial Crisis And Was Derided For It (VIDEO)

Atlantic:

Watch the contempt from Fox News for Peter Schiff over the past two years:

I feel his pain. His economic sense and foresight escaped me. But politically, some of us diagnosed the conservative implosion years ago - and earned the same kind of contempt from the same kind of baying hounds for getting it right.

Read the whole story: Atlantic

Comments

[TheIndependenceParty]

I wish there had been time stamps on the clips to clarify for viewers what differences existed at which times between Shiff's clear undersandings and the other delusional projections.

I must say I was reluctant to watch this clip, thinking it a "Monday Morning Quarterback" scenario. It was anything but that. Thanks to Peter Schiff for his analyses. I did not profit from his projections, with which I agreed. Would that he were a contributor here to HuffPo.

You were and are frighteningly accurate with the cause, effect and timing of the plunge in our economy, Mr. Schiff.

Please come in from the wildrness and share your expertise with the unwashed masses who don't and won't watch Fox News.

We need your guidance.

[eshock]

When you are advancing a politcal agenda in lieu of sound financial analysis, you deserve to eat crow. Kudos for Peter Schiff for being alone in the wilderness.

[eshock]

Peter Schiff deserves many apologies as he stood in the minority predicting the financial collapse.

[CaptainZero1969]

Ben Stein is an economist? Where did he buy his degree?

[zippywpinhead]

won it on a game show...

[fcs4usc]

Wow, it's one thing to predict a down market, but to predict the scale and the exact causes and the timing? My goodness. This is one of the clearest, most tragic examples of the Cassandra curse I think I've ever seen. Peter Schiff for Treasury Secretary, anyone?

[TheIndependenceParty]

I'm thinking his analyses are the best I have seen, ... while Kaskari babbles and Paulson lies.

[Maschine]

Definetly, these clips should be sent to the politicians. this guy had it right. Fleckenstein at MSN is another who was calling this mess since the early 2000's

Always keep these bears close to you, they usually are sounding the alarm bells. Unlike bulls who are always dancing in the streets ignoring everything that comes their way.

[oscartucker]

Everyone, please start buying products MADE IN THE USA, ONLY. Look at tags, packages, etc. It can be done. We have to start looking out for the jobs here. It seems that some are willing to let the auto industry fail, and change the lives of thousands of our fellow country men, women, and children. Some people do not believe that people in this nation are hurting in housing, wages, health care, etc. It's okay as long as they are doing allright. ***I thought Kashkari would be honest and do the right thing. Ha! He showed us.

[ajm8127]

I second that nomination!

[Olerist]

Wow Fox News NOT pushing a fear tactic meme....

[Rule Of Law]

But NOOOOOOOOOOOOOOO....we weren't smart enough, well trained enough, prescient enough, (honest, self controlled, accountable) to see any of this coming. Greenspan even said so. And look how often he's been right...

Somebody give this guy and Nouriel Roubini, and maybe even Krugman an appointment with Obama away from those neo-liberal shills, Rubin and Co. so that he can talk with some actual smart guys! That would be change I could believe in.

[sunzen]

Schiff says Obama will make it worse. He is a staunch Republican.

[TheIndependenceParty]

That is the curse of Republicanism. He can not see that his understanding of the problem and its cause takes him straight back to his party's ideology.

Oracles were considered insane in ancient time, but wisely so. Schiff might be that kind of prescient oracle.

[Rule Of Law]

These days I make a real distinction between a true conservative in the Goldwater mold, and the neos of the Bush regime who are neither conservative or Republican, but rather some strange meld of fascist and new world order nutjobs. True Conservatism, especially in economics, has its place. And he may be right about Obama IF he follows the recipe that Bush is leaving for him. Let's hope he doesn't.

[Jahmekyah]

WOW........ If only he wasn't saying all this stuff on Fox, where only idiots were listening

[chrisro]

Peter Schiff is brilliant...No surprise that he was an economic advisor for Ron Paul's presidential bid.

Both of those gentlemen have the monetary situation pegged.

[castlerider]

JUST GOES TO SHOW WHAT A BUNCH OF GREEDY STUPID MORONS FOX NEWS IS.

As are the people who WATCH that garbage and believe what they tell 'em.

Also goes to show how much smarter our leaders would have been to choose to err on the side of caution and listened to Peter Schiff.

[DavidATolucaLake]

Art Laffer, Larry Kudlow, Ronald Reagan, G.W. Bush and the rest of the low taxes fix everything crowd are CLOWNS.

Thankfully it has been shown to be so.

These are the same morons who scare the American public that we better not have national health care, becuase we might have to stand in line for healthcare.

All the while countries like Germany, Canda, United Kingdom, etc. have health coverage for their citizens.

[sunzen]

The Pyramid Scheme has collapsed.

[sunzen]

I have been a follower of Peter for a few years now. Yes he was right about the collapse he was wrong about Europe being a safe play. He underestimated the pervasive nature of the derivatives market and the appetite for International bankers to gamble withe these high risk notional value financial instruments.

[TheIndependenceParty]

Excellent comments, ... Thank you sunzen.

I suspect he, like I, did not think the "global economy" had extended quite so far nor fast to cause all markets to implode. In the little bit of calculus I grasped it was clear that derivatives exponentially increased or decreased value of the underlying numbers. When they went South the derivatives could go further still.

Calculus works well in physicas but not in economics. It seems to have caused the bankers in the world to "over-steer" and find them, and us, in the ditch.

[Maschine]

The Euri was stronger then the US buck, so he was right to a point. Dependfs when he unravelled his positions.

He did make a good call on Gold. Mind you , I've been buying Gold since the 240's. No , not even close to being a genius, i got stuck averaging Kinross down for 10 years. Fortunately for me, I am right once every 10 years or so.

[Chaucea]

I don't know if any of these economists really realized that the economy nowadays is so intensely and undeniably 'global' and just how intertwined and inseparable the global economy really had become. The US sneezes, the rest of the world gets a cold.

[Ric NYC]

That guy is a genius!

[PCRX]

I was telling friends of mine back in 2006 that the sh&t was going to hit that fan and everyone laughed.

Oh well. Let them eat cake.

[Mike4Obama]

They aren't eating cake atm, it's more like dirt...let them eat dirt.

[sunzen]

Me too.. Rise of the sheep 08